AXIS BANK:

Axis Bank closed the week on negative note losing around 8.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 620 to 625 where trend-line joining earlier high is lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 655 where life time high for the stock is lying. During the week the stock manages to hit a high of 621 and close the week around the levels of 565.

Support for the stock lies in the zone of 550 to 555 where low for the month of January-2017 and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 530 to 535 where Fibonacci levels and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 570 to 575. Resistance for the stock lies in the zone of 585 to 590 from where the stock broke down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 620 to 625 where trend-line joining earlier high is lying.

Broad range for the stock in the coming week can be 530– 535 on lower side & 585 – 590 on upper side.